Morgan Stanley Lowers Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective reduced by analysts at Morgan Stanley from $660.00 to $600.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the software company's stock. Morgan Stanley's target price indicates a potential upside of 36.80% from the stock's previous close.

Several other brokerages also recently commented on ADBE. Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. Royal Bank of Canada lowered their target price on Adobe from $590.00 to $550.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Finally, Oppenheimer dropped their price objective on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus target price of $558.96.

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Adobe Trading Up 1.1 %

Shares of ADBE opened at $438.60 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $190.97 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock's fifty day simple moving average is $439.01 and its 200-day simple moving average is $484.54. Adobe has a 12-month low of $403.75 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company posted $4.48 EPS. As a group, research analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently made changes to their positions in ADBE. Swedbank AB boosted its position in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company's stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. United Bank increased its stake in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Adobe by 194.1% during the 3rd quarter. Harbour Investments Inc. now owns 3,397 shares of the software company's stock worth $1,759,000 after buying an additional 2,242 shares in the last quarter. Haverford Trust Co lifted its position in shares of Adobe by 0.5% during the 3rd quarter. Haverford Trust Co now owns 5,772 shares of the software company's stock worth $2,989,000 after buying an additional 27 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in Adobe in the third quarter valued at about $234,000. 81.79% of the stock is currently owned by institutional investors.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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